Ark. Senate backs changes to treasurer's office

The Senate voted 35-0 Tuesday to approve the bill expanding the size and oversight of the state Board of Finance.

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By Associated Press

Stuttgart Daily Leader - Stuttgart, AR

By Associated Press

Posted Mar. 27, 2013 at 8:22 AM

By Associated Press

Posted Mar. 27, 2013 at 8:22 AM

LITTLE ROCK, Ark.

The Arkansas Senate has approved legislation expanding the Board of Finance's oversight of the state treasurer's office in response to an audit that criticized Treasurer Martha Shoffner's investment practices.

The Senate voted 35-0 Tuesday to approve the bill expanding the size and oversight of the state Board of Finance. The proposal by Republican Sen. Jason Rapert of Conway would give the board the authority to hire and fire the chief investment officer for the treasurer.

The proposal was in response to a legislative audit last year that said Shoffner's decision to sell bonds before they matured cost the state more than $434,000 in earnings.